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ROBERT L. EHRLICH, JR., Governor Ch. 5
(1) acquire property;
(2) construct, complete, extend, or improve its facilities;
(3) discharge or lawfully refund its obligations;
(4) maintain or improve service; or
(5) reimburse money, not secured by or obtained from the issuance, that
is expended for a purpose described in item (1), (2), or (3) of this subsection within 5
years before the filing of an application with the Commission for the reimbursement.
(c) (1) The Commission may authorize a public service company to issue
stocks, bonds, securities, notes, or other evidence of indebtedness, payable wholly or
partly more than 12 months after the date of issuance, for the public service company
to:
(i) conform the aggregate capitalization of the public service
company to the value of its property; or
(ii) subject to paragraph (2) of this subsection, pay a dividend in
shares of the public service company's own stock.
(2) An order of the Commission authorizing an issuance under
paragraph (1)(ii) of this subsection shall state that:
(i) concurrently with the issuance, the public service company
shall transfer from surplus to capital an amount that the Commission determines
under paragraph (3) of this subsection; and
(ii) a sum equal to the amount to be transferred has been expended
from income or other money in the treasury of the public service company not secured
by, obtained from, or reimbursed by the issuance of stocks, bonds, notes, or other
evidence of indebtedness of the public service company for a purpose described in
subsection (b)(1), (2), or (3) of this section.
(3) The amount that the Commission determines under paragraph (2)(i)
of this subsection may not be less than:
(i) the aggregate par value of the stock whose issuance is to be
authorized; or
(ii) if the stock has no par value, the capital value of the stock.
(d) (1) An authorization by the Commission under subsection (b) or (c) of
this section shall be by order.
(2) The order shall specify:
(i) the amount of the issuance authorized; and
(ii) the purpose under subsection (b) or (c) of this section for which
the issuance is reasonably required.
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